Another IFA banned from providing advice on pension transfers
FCA has also prohibited him from holding any senior management function in a regulated firm
DB pensions
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FCA carries out 30 investigations over British Steel DB transfer advice
Regulator is making final decisions on ‘what sanctions are appropriate where we have found misconduct’
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Ex-TPR director calls for change in DB transfer advice rules
David Fairs wants a ‘much smoother process’
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Just 23% of IFAs offer DB pension transfer advice
‘It’s hard to predict what the position will be five years from now’
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FCA warns IFA over DB transfer advice
Advice given to customers, including members of the British Steel Pension Scheme, was ‘not compliant’
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DB pension transfer values rise by 4%
As activity falls to lowest level since September
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DB pension transfer values suffer 4% drop
While 92% of cases raised at least one scam warning flag in February
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Advice network handed pension transfer ban
Regulator also says it must not take on any new appointed representatives
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DB transfer values stable after 37% slump last year
93% of cases raised at least one scam warning flag in January
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DB transfer values plummet 37% in a year
2022 also saw a large rise in transfers being flagged as showing potential signs of a scam
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FCA will ‘take action’ over firms miscalculating DB transfer redress
Ongoing fund costs and adviser charges are not being taken into consideration
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Retirees urged to not rush into a pension transfer
DB scheme members should be careful not to ‘panic buy’ in the assumption that values will fall